FX.co ★ Elliott wave analysis of GBP/JPY for May 25, 2021

GBP/JPY has fulfilled its target by testing resistance at 154.73 and we should be looking for a corrective decline in wave iv/ into the 146.47 - 149.65 support-zone from where a new impulsive rally above the peak of wave iii/ is expected towards 163.19 as the next major upside target.

Trading recommendation:

It's time to take profit for a corrective decline into the 146.47 - 149.65 corrective target-zone where GBP should be bought for the next impulsive rally towards 163.19.